CME Group (CME): First Take: Market data and slightly higher RPC driven beat; focus on new products/competition in the Retail channel

Research evidence excerpt

CME Group (CME): First Take: Market data and slightly higher RPC driven beat; focus on new products/competition in the Retail channel

Equity Research

22 July 2026 | 8:02AM EDT

CME Group (CME): First Take: Market data and slightly higher RPC

driven beat; focus on new products/competition in the Retail channel

CME reported adjusted 2Q26 EPS of $2.99, above GSe $2.93 and Street’s (VA) Alexander Blostein, CFA

+1(212)357-9976 |

estimate of $2.90. Operating income came in 2% above estimates, with revenues alexander.blostein@gs.com

Goldman Sachs & Co. LLC

2% above expectations — driven by slightly higher RPCs and higher market data

Aditya Sharma, CFA

revenues (5% beat). Core expenses (ex. licensing fees) came in at $412mn, in-line +1(212)934-9869 |

with Street expectations, driven by solid comp leverage (12.6% comp rate vs. Street aditya.x.sharma@gs.comGoldman Sachs India SPL

at 13.2%) while non-comp expenses were 4% higher. All in, operating margin of Anthony Corbin

69.5% was 14bps above the Street. Softer non operating income was offset by a +1(212)357-7512anthony.corbin@gs.com|

lower tax rate. On the capital return front, CME repurchased $695mn in 2Q. We Goldman Sachs & Co. LLC

Guptaexpect the focus to turn toward competition in the Retail channel from prediction Vaasu | +1(332)245-7522

markets/perps, innovation around new products (Single-Stock futures, 24/7 Gold vaasu.x.gupta@gs.com Goldman Sachs India SPL

contracts, Compute futures), and strategy going forward under the newly announced

Michael Vinci

CEO. +1(212)357-8239 |

michael.vinci@gs.com

A few notables:

n (+) Trading revenues of $1,353mn came 1% above Street’s estimate of

$1,337mn. RPCs came in at $0.678/contract, above Street’s estimate of

$0.670/contract and up 4% sequentially.